Recent News
On April 22, 2026 WEX reported first-quarter 2026 financial results. On May 4, 2026 the company announced a cooperation agreement with Impactive Capital that refreshed the board slate and added three independent directors. WEX filed investor presentation and proxy materials in early April ahead of the May 5, 2026 annual meeting. The company announced product enhancements to WEX Field Service Management, adding AI-powered reporting and payments on June 29, 2026. WEX received recognition from Forbes as one of America’s Best Employers for Company Culture on May 19, 2026.
Technical Analysis
ADX / DI+ / DI-: ADX at 23.17 signals an emerging trend strength. DI+ shows an increasing pattern while DI- shows a decreasing pattern, which aligns with growing bullish directional pressure that supports potential near-term upside, though the ADX level suggests trend strength remains early and not yet robust.
MACD: MACD currently at -2.22 has turned higher and sits above the signal line (-3.33); that cross above the signal line constitutes a bullish momentum shift despite MACD remaining negative, implying momentum recovery rather than full bullish dominance.
MRO: MRO equals -23.92 (negative) with an increasing trajectory, indicating the current price sits below the internal target and that upside pressure exists as the oscillator moves toward equilibrium.
RSI: RSI at 46.75 and rising denotes improving short-term momentum without overbought conditions, leaving room for additional gains before momentum exhaustion.
Price vs. Moving Averages & Ichimoku: The price closed at $142.59, above the 12-day EMA ($137.01) and 20-day average ($133.96) while below the 50-day ($143.99) and 200-day ($152.35) averages. The 12-day EMA shows a dip-and-reversal pattern, supporting a short-term constructive bias but leaving longer moving averages as resistance levels that could limit sustainable upside.
Volume & Volatility: Latest volume (787,713) exceeded the 10-, 50- and 200-day averages, signaling heightened participation on recent moves. Bollinger bands place the price closer to the middle-upper band, consistent with a short-term recovery phase rather than a breakout; 42-day volatility remains muted at ~2%.
Fundamental Analysis
Profitability: EBIT equals $162.1M and EBIT margin stands at 24.06%, above the industry peer mean of 22.23% but below the industry peer median of 31.33%. QoQ EBIT margin changed by -4.11% and YoY change registered -0.16%, indicating modest margin contraction quarter-over-quarter and roughly flat year-over-year.
Earnings & Guidance: Reported EPS of $4.15 beat the estimate of $4.10 by $0.05, a 1.22% surprise that signals near-term earnings stability relative to consensus expectations. Forward EPS sits at $5.07 with a forward P/E of 30.61, while trailing P/E reads 38.34; those multiples reflect a premium relative to typical operating leverage given current cash-flow dynamics.
Revenue & Growth: Total revenue reached $673.8M. Reported year-over-year revenue growth recorded 8.31% while sequential revenue change showed contraction; quarter-over-quarter revenue movement printed negative, indicating seasonality or one-off timing effects that compress recent sequential performance.
Cash Flow & Liquidity: Operating cash flow landed at -$330.8M and free cash flow at -$368.3M, with a free cash flow yield of -6.68%, below the industry peer mean of +0.66% and the industry peer median near +0.44%; declining cash conversion and negative free cash flow relative to net income point to episodic working-capital or investment demands. Cash and short-term investments total $3.5224B, while the cash ratio equals 0.345 and the current ratio approximates 1.05 (near the industry peer mean of 1.06).
Leverage & Coverage: Total debt equals $5.2371B with net debt ~$4.6036B, roughly 83% of market capitalization, and debt-to-equity near 4.11x—meaningful leverage materially above the industry peer mean of ~0.72x. Interest coverage stands at about 3.02x, substantially below the industry peer mean, constraining margin for additional rate or credit stress.
Other Returns: Return on equity reads ~6.10% and return on assets ~0.52%, both below typical peer medians; asset turnover remains low at ~4.52% illustrating capital intensity in the business model. WMDST values the stock as over-valued given these cash-flow and leverage dynamics alongside current multiples.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2026-03-31 |
| REPORT DATE: | 2026-04-22 |
| NEXT REPORT DATE: | 2026-07-22 |
| CASH FLOW | Begin Period Cash Flow | $ 1.7 B |
| Operating Cash Flow | $ -330.80 M | |
| Capital Expenditures | $ -37.50 M | |
| Change In Working Capital | $ -548.30 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -438.10 M | |
| End Period Cash Flow | $ 1.2 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 673.8 M | |
| Forward Revenue | $ 381.4 M | |
| COSTS | ||
| Cost Of Revenue | $ 280.1 M | |
| Depreciation | $ 81.6 M | |
| Depreciation and Amortization | $ 81.6 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 515.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 393.7 M | |
| EBITDA | $ 243.7 M | |
| EBIT | $ 162.1 M | |
| Operating Income | $ 158.1 M | |
| Interest Income | — | |
| Interest Expense | $ 53.6 M | |
| Net Interest Income | $ -53.60 M | |
| Income Before Tax | $ 108.5 M | |
| Tax Provision | $ 30.8 M | |
| Tax Rate | 28.4 % | |
| Net Income | $ 77.7 M | |
| Net Income From Continuing Operations | $ 77.7 M | |
| EARNINGS | ||
| EPS Estimate | $ 4.10 | |
| EPS Actual | $ 4.15 | |
| EPS Difference | $ 0.05 | |
| EPS Surprise | 1.22 % | |
| Forward EPS | $ 5.07 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 15.4 B | |
| Intangible Assets | $ 4.1 B | |
| Net Tangible Assets | $ -2.85 B | |
| Total Current Assets | $ 10.7 B | |
| Cash and Short-Term Investments | $ 3.5 B | |
| Cash | $ 633.5 M | |
| Net Receivables | $ 4.3 B | |
| Inventory | — | |
| Long-Term Investments | $ 224.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 1.7 B | |
| Short-Term Debt | $ 1.6 B | |
| Total Current Liabilities | $ 10.2 B | |
| Net Debt | $ 4.6 B | |
| Total Debt | $ 5.2 B | |
| Total Liabilities | $ 14.2 B | |
| EQUITY | ||
| Total Equity | $ 1.3 B | |
| Retained Earnings | $ 2.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 36.76 | |
| Shares Outstanding | 34.667 M | |
| Revenue Per-Share | $ 19.44 | |
| VALUATION | Market Capitalization | $ 5.5 B |
| Enterprise Value | $ 7.2 B | |
| Enterprise Multiple | 29.672 | |
| Enterprise Multiple QoQ | 51.873 % | |
| Enterprise Multiple YoY | 12.583 % | |
| Enterprise Multiple IPRWA | high: 79.174 median: 79.174 mean: 71.551 WEX: 29.672 low: -2.961 |
|
| EV/R | 10.732 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 12.104 | |
| Asset To Liability | 1.09 | |
| Debt To Capital | 0.804 | |
| Debt To Assets | 0.34 | |
| Debt To Assets QoQ | 0.628 % | |
| Debt To Assets YoY | -15.106 % | |
| Debt To Assets IPRWA | high: 0.486 WEX: 0.34 median: 0.252 mean: 0.243 low: 0.0 |
|
| Debt To Equity | 4.109 | |
| Debt To Equity QoQ | 4.422 % | |
| Debt To Equity YoY | -40.367 % | |
| Debt To Equity IPRWA | WEX: 4.109 high: 2.233 mean: 0.725 median: 0.682 low: -0.651 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 4.329 | |
| Price To Book QoQ | 1.236 % | |
| Price To Book YoY | -30.468 % | |
| Price To Book IPRWA | high: 26.109 median: 17.032 mean: 15.333 WEX: 4.329 low: -4.835 |
|
| Price To Earnings (P/E) | 38.344 | |
| Price To Earnings QoQ | 2.3 % | |
| Price To Earnings YoY | -8.649 % | |
| Price To Earnings IPRWA | high: 102.298 median: 95.036 mean: 86.557 WEX: 38.344 low: -16.84 |
|
| PE/G Ratio | 39.408 | |
| Price To Sales (P/S) | 8.187 | |
| Price To Sales QoQ | 4.353 % | |
| Price To Sales YoY | 3.306 % | |
| Price To Sales IPRWA | high: 19.127 median: 14.431 mean: 11.705 WEX: 8.187 low: 1.178 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 30.614 | |
| Forward PE/G | 31.463 | |
| Forward P/S | 14.454 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -26.705 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.045 | |
| Asset Turnover Ratio QoQ | -3.193 % | |
| Asset Turnover Ratio YoY | -3.172 % | |
| Asset Turnover Ratio IPRWA | high: 0.224 median: 0.117 mean: 0.114 WEX: 0.045 low: 0.024 |
|
| Receivables Turnover | 0.175 | |
| Receivables Turnover Ratio QoQ | -6.77 % | |
| Receivables Turnover Ratio YoY | -6.984 % | |
| Receivables Turnover Ratio IPRWA | high: 18.229 median: 3.385 mean: 3.084 low: 0.337 WEX: 0.175 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 522.169 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | — | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | — | |
| Cash Conversion Cycle Days IPRWA | high: 47.88 median: 47.88 mean: 45.862 low: 18.111 WEX: 0 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 1.358 | |
| CapEx To Revenue | -0.056 | |
| CapEx To Depreciation | -0.46 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 4.9 B | |
| Net Invested Capital | $ 6.5 B | |
| Invested Capital | $ 6.5 B | |
| Net Tangible Assets | $ -2.85 B | |
| Net Working Capital | $ 496.2 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.345 | |
| Current Ratio | 1.049 | |
| Current Ratio QoQ | 0.252 % | |
| Current Ratio YoY | 0.168 % | |
| Current Ratio IPRWA | high: 1.335 median: 1.088 mean: 1.056 WEX: 1.049 low: 0.273 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 21.49 | |
| Cost Of Debt | 0.911 % | |
| Interest Coverage Ratio | 3.024 | |
| Interest Coverage Ratio QoQ | 5.347 % | |
| Interest Coverage Ratio YoY | 4.488 % | |
| Interest Coverage Ratio IPRWA | high: 41.303 median: 41.303 mean: 35.669 WEX: 3.024 low: -12.665 |
|
| Operating Cash Flow Ratio | -0.004 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 424.573 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 7.124 % | |
| Revenue Growth | 0.149 % | |
| Revenue Growth QoQ | -105.454 % | |
| Revenue Growth YoY | 831.25 % | |
| Revenue Growth IPRWA | high: 23.218 % mean: 4.638 % median: 3.018 % WEX: 0.149 % low: -18.578 % |
|
| Earnings Growth | 0.973 % | |
| Earnings Growth QoQ | -109.304 % | |
| Earnings Growth YoY | -157.882 % | |
| Earnings Growth IPRWA | high: 71.069 % mean: 7.422 % median: 4.416 % WEX: 0.973 % low: -90.938 % |
|
| MARGINS | ||
| Gross Margin | 58.43 % | |
| Gross Margin QoQ | 1.006 % | |
| Gross Margin YoY | 1.464 % | |
| Gross Margin IPRWA | high: 81.291 % median: 81.291 % mean: 73.509 % WEX: 58.43 % low: 1.487 % |
|
| EBIT Margin | 24.058 % | |
| EBIT Margin QoQ | -4.109 % | |
| EBIT Margin YoY | -0.162 % | |
| EBIT Margin IPRWA | high: 31.326 % median: 31.326 % WEX: 24.058 % mean: 22.23 % low: -6.948 % |
|
| Return On Sales (ROS) | 23.464 % | |
| Return On Sales QoQ | -5.073 % | |
| Return On Sales YoY | -2.627 % | |
| Return On Sales IPRWA | high: 67.346 % median: 67.346 % mean: 57.384 % WEX: 23.464 % low: -10.243 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -368.30 M | |
| Free Cash Flow Yield | -6.676 % | |
| Free Cash Flow Yield QoQ | -278.264 % | |
| Free Cash Flow Yield YoY | -36.292 % | |
| Free Cash Flow Yield IPRWA | high: 5.439 % mean: 0.656 % median: 0.439 % low: -5.488 % WEX: -6.676 % |
|
| Free Cash Growth | -286.292 % | |
| Free Cash Growth QoQ | 579.625 % | |
| Free Cash Growth YoY | 52.153 % | |
| Free Cash Growth IPRWA | high: 106.183 % mean: -36.753 % median: -58.997 % low: -64.012 % WEX: -286.292 % |
|
| Free Cash To Net Income | -4.74 | |
| Cash Flow Margin | -5.714 % | |
| Cash Flow To Earnings | -0.495 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | 0.521 % | |
| Return On Assets QoQ | -10.94 % | |
| Return On Assets YoY | -0.573 % | |
| Return On Assets IPRWA | high: 6.276 % median: 6.276 % mean: 5.364 % WEX: 0.521 % low: -6.194 % |
|
| Return On Capital Employed (ROCE) | 3.113 % | |
| Return On Equity (ROE) | 0.061 | |
| Return On Equity QoQ | -10.719 % | |
| Return On Equity YoY | -30.897 % | |
| Return On Equity IPRWA | high: 0.506 median: 0.171 mean: 0.166 WEX: 0.061 low: -0.109 |
|
| DuPont ROE | 6.194 % | |
| Return On Invested Capital (ROIC) | 1.783 % | |
| Return On Invested Capital QoQ | -15.936 % | |
| Return On Invested Capital YoY | 4.391 % | |
| Return On Invested Capital IPRWA | high: 26.661 % median: 10.439 % mean: 10.1 % WEX: 1.783 % low: -5.942 % |
|